All Forum Posts by: Vivan Bhalla

To all reading this thread, I am the COO of RTR and responding on our behalf.
It's important to point out a few key facts in this case since this is not simply a review. Yes, making statements about being a "scam" and using profanity like this is both unprofessional and against BP forum posting rules. It certainly does impact our business for anyone considering using our services and there are many facts that are misrepresented or omitted.

RTR serves as a turnkey and new construction marketplace that researches various investment markets throughout the country and connects investors and sellers. We always encourage investors to conduct full due diligence on any property, team & market they choose to work with. We do our best to help set them up for success with many tools and resources made available to them. We also do our best to help navigate any issues investors may encounter throughout their ownership. After all, this is real estate, and it would be unrealistic to expect that things like tenant issues or other issues do not ever occur, even in TK or new construction investing.

Some notable items to understand:
1) This investor independently chose to move forward with this Akron property on his own. Our team discussed multiple investment options with him, including new construction homes in nice areas that likely attract better quality tenants. He had the opportunity to interview the seller and mngt prior to closing on the home and chose to work with them.
2) As always recommended, this investor conducted full due diligence by having an inspection and appraisal. As he stated, the inspection came back in good condition, and the home appraised at full value without any identifying issues at the time of purchase.
3) RTR was made aware of issues that the investor was experiencing with the tenant. We communicated both with this investor and mngt to help find a solution for a tenant that was struggling to pay rent. Over the past year, RTR has over 50 emails back and forth with this investor and mngt, attempting to sort out solutions. We have had multiple phone calls with all parties, and our owner has taken time to personally speak with him as well. During this time, this investor stated he was very happy for the support. Furthermore, while not obligated, RTR financially contributed to help this investor offset missed rents from the tenant, which it sounds like the investor later recovered from the tenant eventually. We also assisted to have mngt contribute thousands to the investor as well. A resolution agreement was signed and this investor notated that he was very satisfied with this outcome at that time.

In summary, RTR has been on BP for close to a decade now helping investors identify attractive markets across the country and build investment strategies to achieve their goals. We have an exceptional reputation that we have worked very hard to achieve. We know that we have helped more people than those dealing with challenges. No, we are not perfect like any business, and we always welcome feedback as long as it's constructive and professional. This is real estate investing and there are multiple variables that affect the performance and outcome of any investment property over time, both for the positive and negative. Anyone investing in real estate needs to be prepared for that.

It sounds like this investor was able to make significant progress with this tenant to get caught up. We wish him the best success with this property and his future in real estate. Despite this negative post, we are still willing to assist in any way we can, with the understanding that everyone interacts in a professional manner.

Grant McMillan, COO Rent to Retirement

sounds like a new construction home might have been a better option.

RTR has some pretty fabulous new build opportunities I have seen..

 I don’t agree with you, I could have just gone on redfin and bought a turnkey or asked an agent in Akron area to help me get one. 

This is true you could have. I do this every day. I have sold over $200 million dollars worth of these types of properties in the Cleveland / Akron market and guess what? I would have charged you money as well. Is that a scam? Guess what, you could have also had tenant issues buying any other property from anyone else. Is that a scam? Hell, you can go to a nice steak house and buy yourself a dinner, then get home and realize you could have cooked it for yourself and saved money. Is that a scam?

they could have atleast helped me get a property which does not loose value over time but gains it(which they clearly lied to me about). 

When you bought the property you got an appraisal. Your property appraised. There is no wrong doing by them here. You being upset just shows how absolutely clueless you are about how real estate works. Of course your property will sell for less than you paid for it. For starters you bought it after a fresh rehab. Now you are selling it after a low income tenant lived in it and put it in a condition that is worse then when you bought it. Beyond that, what happened between then and now? Did we see interest rates increase at a rate we've never seen in the last 40+ years? Lol, is that part of their scam too?

They could have had better affiliates who do a better job on a turnkey property.

I have never worked with that particular PM before so I can't speak on whether or not he is any good or not. I will say though, based on every point you've tried to make before this your credibility and ability to tell if a PM is good or not is incredibly questionable. That PM may suck, he may not. I don't know but I do not think you would be able to tell if he was good or not since you are so wildly confused by every other aspect of this business.

 I work with these dudes. They are straight shooters. Beyond that though, I have dealt with 1,000's of houses and tenants like what you describe. I would assume I am the most well known investor in the Cleveland/Akron area and I've got to ask you, what specifically do you want them to do? 

You decided to invest in a property in a low income market. You were given the opportunity to do your due diligence. You did both an inspection and an appraisal and were happy with both and decided to buy the house.

You had tenant issues which is part of the business, and they paid you some money, which most people wouldn't because they absolutely did not need to. I know I wouldn't have. And now you are upset and trying to hurt this company because of what exactly? What did they do specifically? Sounds like an inexperienced investor who can't take personal responsibility for the fact that you can't handle being in the low income rental business.

Some people love them, some hate them.  I don't know them from good or bad, but I've never thought turnkey was a good deal for the investors for the most part.  Most of the turnkey companies seem to know exactly what new investors have been told to look for and provide exactly that.  However often the properties are not really in the better parts of town and don't always attract the best tenants.

I've always thought real estate is not as passive as people will make you think and maybe the buyers want.  There is work involved as you have well found out.  It's pretty rare I see any that is super easy and the cash just keeps rolling in.  Add long distance to the equation and it just seems even more risky.  It's just tough to know the area, the type of renters, the type of housing, if the repair were quality or lipstick on a pig.

I'd think there must be a dozen good PM in Akron.  Find a new one and get it rented again.  Hang on to it for 5 years and then sell.  You'll probably do ok in the long run.  Go out there and check on the property.  Interview your shortlist of PMs in person.

I understand your concerns. My good experiences come from the knowledge I've gained and the initial support I received from RTR. While I haven't closed yet doesn’t mean that I am not closing. Actually, I do have a close date. From a number standpoint (after doing my own due diligence) it works and should perform number wise. The performance of the property management? Of course no one ever knows until it’s in action. I don’t think I said I did not like their affiliates. You might have misread it. I said my bad experience was with their affiliates, there’s a difference. Sure there were communication challenges and that’s where I stated they and their affiliates can improve on. My review reflects both my optimism and my apprehensions as a new investor, and I'm still navigating the process. Thanks for your question.